Auto Scale to Frame Size missing?

Is it just me or is Auto Scale to Frame missing from the preferences menu?

I'm hoping it's just been moved. Can someone point me in the right direction?

And if it's been taken off and I'm being encouraged to start using it, could someone tell me: If I scale to frame and then scale up from there (make objects larger in frame), would I be losing quality?

There is a ton of ambiguous answers about this in forums, including a 6 minute video that Adobe keeps linking to. Can it be summed up in two lines so I finally know for sure?

Would be much appreciated,

Thanks,